HSBC EGA Savings Promo: Get up to 4.35% p.a. For May/June 2024
For the month of May or June 2024, deposit fresh funds to your HSBC Everyday Global Account (EGA) and get up to 4.35% p.a. on the incremental balance! Registration via SMS is required.
If you don’t have an account, you can sign up here.
Promo Details
To qualify, you need to register by sending the following text message to 74722:
EGA<space>First 9-digit of their Everyday Global Account number (e.g. EGA 123456789)
There are two tiers of interest depending on how much incremental funds you place into your HSBC EGA. To maximise this promo, we should only be looking at the <S$500,000 tier, and I’ll explain later.
| Amount | Prevailing Interest Rate | Bonus Interest Rate | Total Interest on Incremental Amount |
| < S$500,000 | 0.05% p.a. | 3.30% p.a. | 3.35% p.a. |
| ≥ S$500,000 | 0.05% p.a. | 3.40% p.a. | 3.45% p.a. |
The first part to this promo is the 3.30% bonus accorded by placing incremental fresh funds referencing your April 2024’s balance. This means that if your April 2024’s balance is S$0 or if you are a new customer, amounts you place into your account in May 2024 or June 2024 will enjoy 3.30% p.a. bonus interest.
1% interest for meeting HSBC Everyday+ Rewards programme
An additional 1% p.a. interest is awarded for meeting the HSBC Everyday+ Rewards programme which is as simple as depositing at least S$2,000 (or S$5,000 for Premier customers) and making 5 transactions. These 5 transactions can be FAST/PayNow transactions to other bank accounts.
With these two easy requirements done, you are awarded 1% extra cashback on incremental fresh referencing your previous month’s balance. Notice that there a distinction between the reference months?
So if you had S$0 for April 2024 and deposited S$100,000 for both May and June 2024, the 3.30% p.a. bonus interest will apply to both May 2024 and June 2024. However, the 1% p.a. bonus from Everyday+ will only apply to May 2024.
| | April 2024 | May 2024 | June 2024 |
| Hypothetical Average Balance | S$0 | S$100,000 | S$100,000 |
| Interest Rate | N/A | 4.35% p.a. ✅ 0.05% base interest ✅ 3.30% p.a. bonus interest from promo ✅ 1% p.a. bonus interest from Everyday+ | 3.35% p.a. ✅ 0.05% base interest ✅ 3.30% p.a. bonus interest from promo ❌ No 1% p.a. bonus interest from Everyday+ since no fresh funds compared to May 2024 |
Sweet spot for the promo: about S$350,000 for a month
Note that the 1% p.a. bonus from Everyday+ has a cap of S$300 per month, which means it will be reached with an average balance of about S$353,000 (for a 30-day month) to S$365,000 (for a 31-day month). So even if you have S$500,000 for this promo, parking half a million here wouldn’t get you the headlining 4.45% p.a. rate HSBC is including in its marketing.
Also, since the 1% p.a. bonus applies only to the first month your funds come in, the sweet spot to get 4.35% p.a. is to put an average balance of about S$350,000 (or under) in either May or June 2024. Putting it longer than a month will result in the second month’s funds not getting the 1% p.a. (see table above).
Other options to look at
While bank rates have come down this month, so far only UOB and StanChart have announced and effected their nerfs. There are other options to explore, and even some giving as high as 6.8% p.a. which I described in my video:
Nerfed? HSBC EGA cashback for bill payment lives on
When nerfs to HSBC Everyday+ Rewards were announced last month, people feared the demise of getting cashback on their credit card GIRO arrangements. Multiple data points now show that this has thankfully not come to pass.
Hopefully more options soon
Getting higher returns on cash savings has always been a topic of interest for me, so stay subscribed if you want to get more such updates and other great deals and news. The Telegram community is approaching 16,000 on the channel with almost 8,000 in the group, so it’s a good place to get second opinions, ask questions, and discuss all things personal finance.
Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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